this post was submitted on 19 Jun 2023
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Technology
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Your bank being named "Magic the gathering online exchange" really should have been a red flag..
Right! I practice what i preach. I put fiat in an exchange, wait a few days for it to clear, biy crypto, and take the crypto off the exchange into a wallet i fully control
The transaction costs are killer though.
I dont use bitcoin as i want privacy. I use monero where fees are $0.01
I've never met anyone taking monero, but I do think it's the only one that may sort of live up to some of the promises. But again, a currency no one accepts isn't useful to me.
I use monero and if i need to pay in another crypto i just use an instant swap to convert monero to their crypto of choice
I see monero pretty widely adopted! But not near Bitcoin and even BCH might have a little more traction.
I've kinda seen monero as a truly peer-to-peer currency because most central exchanges don't ever want to touch it :)
This just makes me think the fediverse is simple (and costs you way less money) compared to crypto. I do not want an OSI model for a Fricken currency.
I am still left with I have USD and anyone I want to pay or give money to wants USD, GBP, or EUR. Adding exchange fees isn't exactly compelling.